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News In Brief Business and Economy

IRCTC's Share Price Slides Down By 18%

News In Brief Business and Economy

IRCTC's Share Price Slides Down By 18%

irctc-s-share-price-slides-down-by-eighteen-percent

News Synopsis

Indian Railway Catering & Tourism Corp (IRCTC) stock kept sliding continuously. It was the second day when the stock price kept sliding. The share touched a 52-week high of Rs 6,393 on October 19, 2021, but later, the share price fall more than 18 percent intraday after closing 8.75 percent down in the previous session. This slide came after the stock rose more than 40 percent during the month. "Long Black Day (candle) is visible in this counter as it appears to have reversed its trend from the high of Rs 6,396 levels, which has erased a major part of the recent rally from the lows of Rs 4,725," said Mazhar Mohammad of Chartviewindia.

Seeing the stock unable to sustain above Rs 4,996, experts said, it could get dragged to Rs 4700  which appears to be critical support, and a close below the level can severely damage the counter with targets towards Rs 4,000 levels. Hence, seeing the sharp reversal, experts advise not to buy IRCTC stocks at this dip for time being. Although, it is trading 24.07 percent below its 52-week high and 276.01 percent above its 52-week low.

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